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Costs of Production

Costs of Production

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Published by: api-3825580 on Oct 18, 2008
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03/18/2014

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Costs of
Production
The Meaning of Costs
\u2022Opportunity costs
\u2013meaning of opportunity cost
\u2013examples
\u2022Measuring a firm\u2019s opportunity costs
\u2013factors not owned by the firm: explicit costs
\u2013factors already owned by the firm: implicit
costs
\u2013irrelevance of:
\u2022historic costs
\u2022replacement costs
Production in the Short run
\u2022Production functions
\u2013factors of production

\u2022labour
\u2022land and raw materials
\u2022capital
\u2022entrepreneurship

\u2013the relationship between inputs and output
\u2022TPP = \u0192(F1, F2, F3,\u2026 Fn)

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